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📧 I got an email offering “Personal Finance for Dummies”...What a predatory load of crap! 💩 Here’s what it promised. 1 Become financially literate so you can minimize debt and set realistic goals 2 Learn the basics of investing and start making smart investment choices 3 Demystify insurance so you can protect your health and your assets 4 Control your spending and build better budgets so you can afford the big stuff This is spam! 🤮 It promises to magically address challenges common to nearly all people, regardless of their experience and emotional relationship with money. Let’s break it down. First, for Dummies? I get it…it’s a cute way to pull you in, like “Automotive Repair for Dummies.” But when used for personal finance, it’s a cruel sucker punch. Most people feel insecure about their money and struggle their whole lives to improve their emotional relationship with it. It does not make them a dummy. It makes them human. "Become financially literate,” Really?? The truth is…no one knows everything….that’s why I don’t believe in the term “literacy” as it relates to personal finance. If you’re aiming for it, give up. Do yourself a favor and aim for a healthy relationship with money instead….now that’s achievable! “Learn the basics of investing to make smart investment choices.” To be fair, I have no idea what they offer in this course. Learning the basics of investing is reasonable…but it doesn’t promise confidence that you’ll make “smart investment choices.” Smart for whom? Smart is subjective. Investing in line with multiple constantly changing aspects about you and your life, values, and circumstances is smart. This promise is bologna. “Demystify insurance,” - I have a sneaky suspicion this email came from someone selling insurance…which is always sold with a hefty dose of fear. It’s not a bad approach, but you will not come away from this program demystified…I promise. It’s a hella complicated industry. Find a certified financial planner who has a strong relationship with an insurance agent to help guide you toward your needs based on a holistic picture of where you are and where you need protection for the future. “Control spending, budget better, afford big stuff.” How wild is it that they’re talking about spending on big stuff in the same line as they talk about budgeting. It’s a cupcake 🎂 as the draw to a dieting plan. Just how this is written screams RUN FOR THE HILLS! The big stuff is your future and you generally don’t categorize that as “stuff.” This email induces shame. Feeling insecure about your money is not your fault. And you’re not a dummy. 🤗 You are empowered to build a better relationship with money, but not like this. Start with you. Know YOU! No financial jargon required. Speak the language of your future, your values, your fears, your attitudes. This is the BEST preparation for the help and products you need. That’s what we do if you need it. Always happy to help. No condescension here.

💡 How Business Owners Can Get Money Out of Their Company—Tax-Free Let’s talk about something that could change the way you handle your company’s cash flow: getting money out tax-free. 🎉 There are two ways to do this with an insurance policy: 1. When you pass away 2. When you need cash flow while you’re still alive Now, I know #2 is probably what grabbed your attention, but let’s quickly cover #1. If you’ve spoken with an insurance pro or done some digging, you’ve likely heard about the tax perks of life insurance death benefits. When your corporation receives a death benefit, a portion is credited to the Capital Dividend Account (CDA), which can be taken out tax-free. For example: If your company receives a $1,000,000 death benefit and the Adjusted Cost Base (ACB) is $500,000, then $500,000 can be withdrawn tax-free as a dividend. Over time, as your ACB reduces to $0, you can eventually pull the full death benefit tax-free. But what if you don’t want to wait until after you pass away to access your money? Here’s where things get interesting! 👀 You can access tax-free cash flow while you’re still alive. Many use this in retirement, but you can tap into it earlier—maybe for a new opportunity or an unexpected event (think pandemic or economic downturn). Here’s the kicker: You can take money out that would normally be taxed as salary or dividends—and do it tax-free. Now, this strategy is a bit “aggressive,” and it’s not for everyone, especially if you prefer more conservative financial strategies. But if you’re open to leveraging your assets and want to keep more of your money, this could be a game-changer. 💸 Here’s how it works ⚙️ You take out a corporate life insurance policy. When you’re ready, you set up a personal line of credit (not corporate). Then, draw income from it tax-free. The CRA will view this as a “shareholder benefit,” so it would normally be taxed. But there’s a workaround. By paying a guaranteed fee to your company (essentially, paying yourself), you allow the money you draw from the line of credit to be tax-free. You’re simply moving funds from your personal pocket into your corporate one, which makes it work. That’s it! You’ve just managed to take money out of your company tax-free—something every business owner dreams of doing. Of course, there are some risks with this strategy, and it’s not for everyone. But if you’re tired of watching your profits get taxed, this could be a valuable part of your financial plan. 🙌 Interested? Let’s chat! I’d love to dive deeper and show how this could benefit your business. https://lnkd.in/g7JQURzQ

Why bankers and insurance agents are our clients : 🌱 They understand the Financial Industry has enough achievers and award winners 🌱 Our ‘why’ in running our practice 🌱 Our philosphies are human being centric 🌱 The value that we add to their finances and Lives Simply put : Your child is sitting for exams and is struggling with studies. Both of your goal is all As. You go to popular to buy assessment books for him. You bought some Math video program because the sales lady there pushed you into it. Then you create a routine for him to study. He might or might not achieve his goals. You paid for products. Or You come across an experienced tutor with track record, she notes down your child’s past and current results. She chooses what books are suitable for your child according to what concerns you have for him and your goals. She helps buy them, she doesn’t only get CASCO books because she doesn’t work for CASCO. She buys whichever books that are best for the child - EPH, CASCO, Marshall Cavendish etc. Her research team recommends which are great. She arranges lesson plans, updates you after every lesson, gets her team to mark homeworks and issue invoices, track his progress very closely. She seeks your cooperation in working together too at home and makes sure he does his school work. And then you pay her because you really want to help your child achieve all As. Most parents wouldn’t think twice about paying for tuition. Whatever the amount is. Because they see the value in it. I am an Authentic Fee Based Financial Planner. My investors engage me genuinely for what I do - Plan. I sit with you, listen to you, note down your goals and gather information. I will definitely increase your financial wisdom, this is a sure-get from me. Then I work with my teams to analyse, strategise, plan, recommend, propose and present to you a week or 2 later. You see the value in our work. I’m not talking about 1 examination. I’m talking about your LIFE. The many years ahead of you and you as you living. Of course you do, you walk away with a Physical document of a Financial Plan that belongs to you and a Financial Report every year. Our clients see our value too but something must come first. It’s you who wants to achieve YOUR goals and your desire to achieve it. I cannot explain this enough on LinkedIn you just have to give yourself a chance IF I offer it to you. Because after going through necessary pitfalls in my business and life, I learnt to treasure and respect my time + energy.

It's "Financial Friday"! Are you a small business owner? Did you know that using life insurance can offer several advantages for your small business and employees? Here are five ways small businesses can benefit from using life insurance to strengthen their overall business: 1. Attract and Retain Talent: Offering life insurance as part of an employee benefits package can make the company more attractive to potential hires and help retain current key employees. Also, some life insurance policies, such as cash value or permanent life insurance, accumulate a cash value over time that can be accessed by the employee as a supplemental retirement benefit. This provides employees with an additional source of retirement income beyond traditional pension plans or 401(k) accounts. 2. Key Person Insurance: Small businesses often rely heavily on key employees whose expertise, experience, or relationships are crucial to the company's success. Key person life insurance ensures that the business can continue operations smoothly in the event of the death of a key employee by providing funds to cover recruiting and training expenses, loss of revenue, or loans. 3. Tax Advantages: In some cases, the premiums paid by the business for employee life insurance coverage may be tax-deductible. Additionally, the death benefit received by the employee's beneficiaries is usually tax-free. 4. Business Loans and Credit: Small businesses can use life insurance policies as collateral when applying for business loans or lines of credit. Lenders may be more willing to extend credit to businesses that have life insurance coverage in place, as it reduces the risk associated with the loan. 5. Business Continuity and Succession Planning: Life insurance can play a crucial role in succession planning for small businesses, particularly family-owned or closely-held companies. By funding buy-sell agreements with life insurance proceeds, business owners can ensure a smooth transition of ownership to heirs or other stakeholders in the event of their death, minimizing disruptions to the business operations and preserving its value. These benefits underscore the importance of integrating life insurance into the overall financial strategy of a small business. Doing so will definitely contribute to the overall stability and success of your small business. To learn more...message me. Keep Aiming High...CoachAP #smallbusiness #financialliteracy #moneymatters #retirementplanning #moneymanagement Photo by Joshua Rodriguez

How Section 7702 Can Help with Tax Diversification There are lots of moving parts in a financial plan, and one of the most important areas to consider is tax diversification. As you invest your clients’ assets, finding a mix of vehicles and maximizing any available favorable tax treatment is no doubt a top priority. And, even if it’s not your first thought, permanent life insurance can be a big help in reaching this goal. That’s where Section 7702 comes in. Section 7702 refers to the IRS tax code and lays out the specific requirements life insurance policies must have to meet favorable tax treatment. There are two main tests the policies must meet: 1. Cash Value Accumulation Test (CVT): Permanent policies, also referred to as cash value life insurance, contain a separate account, called cash value, that can be available for policy owners to access. If the policy owner decides to surrender the policy, the Cash Value Accumulation Test requires any cash value received can’t equal more than the premiums paid. 2. Guideline Premium and Corridor Test (GPT): If cash value is too high, the IRS can tax the policy as an investment rather than life insurance. GPT is used to determine if the policy exceeds federal tax-law limits. Policies that qualify under Section 7702 build cash value that can be later used for a tax-free loan if needed. And a Section 7702-based strategy is just that—a strategy designed to take advantage of the tax breaks that only life insurance can provide. Advantages of Section 7702-Based Planning In addition to the tax advantages, life insurance offers some inherent benefits not seen in other products. Top of the list are flexibility and liquidity. Depending on the client’s goals, they have the option to skip or catch up on premiums, giving them control of how the cash value grows inside the policy. Likewise, they can choose to take out cash value as needed, with the ability to elect multiple tax-free loans. And, unlike with qualified funds, there are no penalties for withdrawing cash from the policy prior to age 59 ½. Policy expenses are also lower than you might expect, and often lower than with other many other vehicles. And, of course, there’s always the tax-free death benefit, ensuring that heirs don’t lose their inheritance to a bunch of taxes.

Every Company and Individual needs Accountant How Accountants Can Guide You When it comes to financial planning, accountants are your go-to experts. They're acutely equipped with the knowledge and skills necessary to help you navigate through the complex world of finance. This can range from managing your daily expenses to helping you save effectively for your future. Let's delve into some areas they can assist with: Budgeting and Expense Management Are you spending more than you're earning, and you're not quite sure where your money goes? An accountant can help analyse your income and expenses, identify areas where you can cut back, and provide a clear plan to manage your budget effectively. This way, you can have more control over your finances. Savings and Investments Simply putting your money in a bank account may not be the best strategy. Are you interested in making your money work for you but unsure how to do it? Accountants could advise on numerous savings and investment options that fit your financial status and goal. They'll explain the potential risks and returns, helping you make an informed decision. Debt Management Unsure how to manage your debts or how to pay them off? A good accountant can assess your financial situation, advise on the best debt repayment strategy and negotiate with creditors on your behalf. Insurance Planning Understanding various insurance policies for protecting your assets can be perplexing. An accountant can elucidate these insurance plans, such as health, property or life insurance, guiding you to the ones that cater to your specific needs and circumstances. In summary, a skilled accountant does more than just prepare tax returns. They can provide personalised advice to facilitate your financial stability and growth. Embrace their expertise to help you plan and manage your finances confidently. Click on the link : https://lnkd.in/dfB8qpE5 for more information about our company services and quote.

To my attorney connections and friends: Most advisors start with a product to sell. We start with a person to serve. Yes, the good old Plotnick 3000. Meant to solve all your financial needs and wants. You know the advisor selling that don't you? A client needs to save for retirement Get the Plotnick 3000. A client needs to save for college. Get the Plotnick 3000. A client needs to grow money tax deferred. Get the Plotnick 3000. A client has a need for life insurance. Get the Plotnick 3000. The good old swiss army knife of financial services. 🙄 As much as the Plotnick 3000 might be able to accomplish some of these goals, it doesn't make it the cure all product. And that is the exact reason why I'll never take that approach with any of my clients. It's always about you, your goals, your needs and to develop a roadmap to help you get there. Not about shoving some catch all product down your throat that has multiple uses, but often is set up incorrectly, or even inadequately. You want the objective answers? You want unbiased information? You want a plan that works for you and not everyone else? That's who we are. And the sooner we talk, the sooner you'll be on your way. I'm Frank. A financial advisor, committed to working with attorneys and business owners to protect and grow their wealth so you can have time to focus on your profession. Why don't we connect for a Virtual Coffee and start building your road map to financial security so you can live your life with abundance and dignity. "I can help you become your own wealth guardian". Minimizing your burden to Uncle Sam while you accumulate, distribute and transfer your wealth, so you can live abundantly and with dignity. *** Ready to have your discovery meeting? *** Click book an appointment above and let's get on the calendar. Remember, it's okay to leave a gratuity for your server. You don't have to leave one for Uncle Sam. --------------------------------------------------------------------------- Most advisors start with a product to sell. We start with a person to serve. 💞 I focus on working with successful business owners. Your gonna love the way we work. We just know it. #franklyspeaking #financialplanning #protection #wealthbuilding #wealthguardian

The 2024 budget recommends increasing the “inclusion rate” for capital gains exceeding $250,000. This means that for the first $250,000 in capital gains, an individual taxpayer would continue to pay tax on 50% of the gain. Beyond the initial $250,000, two-thirds of the gain would be subject to tax. These changes are set to take effect on June 25, 2024. Some business groups express concern that these new capital gains tax changes could negatively affect economic growth. Investing retained earnings within a CCPC has advantages due to corporate protections. Proposed tax adjustments could significantly impact businesses with unrealized gains. Passive income earned within a CCPC may face heavy taxation. Permanent life insurance policies accumulate tax-free cash value over time. Policyholders can access this cash value through tax-free loans without interest payments. Despite skepticism about rule changes, permanent life insurance has remained stable for over 350 years. As always, it’s essential to consult with a financial advisor or tax professional to tailor strategies to your specific situation. 😎

Happy Wednesday, everyone! Here's a thought to ponder 🤔: Could your life insurance policy play a role in debt elimination? The answer may surprise you!💡 ✨Yes, that's right, let's drive straight into the intersection of insurance and finance today! Unfamiliar? Allow me to clarify.💡 🔸Most life insurance policies are not just about providing a death benefit to your loved ones. They can serve a dual purpose if you have a cash-value or permanent policy. Now you’re wondering, how does this work? Here’s the lowdown. 🔹Over time, as you pay premiums, a portion gets accumulated in a cash value account. This amount grows tax-deferred at a guaranteed minimum rate. 🔸Voila! You now have a pot of money you can tap into to pay off debts. The best part? You can typically do so tax-free, resulting in an efficient method of debt repayment! Wondering about the implications? Here's what you need to know: - First, borrowing from your policy reduces the death benefit. If you passed away before repaying, your beneficiaries would get a reduced payout. - Second, unpaid loans might accrue interest. If left unmanaged, your debt could grow, and you could risk losing your policy. - And finally, you'd want to pay back the amount you borrowed. Remember, your policy functions as a safety net, and its primary purpose remains protecting your loved ones. It’s not all doom and gloom though! The flexibility of life insurance can be a silver bullet in certain scenarios. ☑️ Imagine freeing up cash to invest in opportunities that yield solid returns, or paying off high-interest debts. Sounds great, doesn’t it? Each situation is unique, so consider these points: 📍Could this strategy align with your financial objectives? 📍Are the life insurance policy's terms favorable? 📍Is taking this risk worth the potential reward? This strategy isn't a one-size-fits-all solution, but when used correctly 👌, it can serve as an empowering tool to gain financial freedom. 💪 Make sure to consult with a financial advisor before making any decisions. Your peace of mind is worth it. I'm curious- have you ever thought about life insurance in this way? Let's start a conversation below! 💭 Share this post to enlighten others and spread the knowledge! ⤵️ #LifeInsurance #DebtElimination #FinancialFreedom

The new capital gains tax proposal will be a real problem for incorporated businesses with large amounts of unrealized gains. And after June 25th, it won't just be 50% of the gain as we know. The problem with investing inside your CCPC using retained earnings is that any passive income is taxed heavily (46.67% in Alberta). After all, the government did not give you the advantages and protections of a coprorate structure so that you could pay a preferred tax rate on your non-business related investments. The intention is for your company to grow, to hire people, to buy inventory, and to support the economy. When I explain to business owners that the last best investment for after tax profits in their corporation is permanent life insurance (Whole Life or Universal Life), they are dumbfounded. It's because they visualize life insurance as a financial product that is only useful to protect beneficiaries at the time of death (which it is!). What they fail to see is that it is one of the last tax havens for their retained earnings. (Shout out to IPPs). If you don't believe me, then check out the website of Equitable Bank. They have a whole division devoted to lending against cash value in permanent life insurance (as do other banks). This is how "tax free" income is produced using the strategy. They have products that are specifically geared to fund the retirement of anyone's life insurance cash value (subject to their terms and conditions, of course). But when I explain to clients that they can access this loan, tax free, to support their retirement, and they are not even required to pay the interest on the loan, they shake their heads. Randy, Randy, Randy, don't you know that the government will change all the rules. Well, they haven't for over 350 years since the advent of the product, but even if they do, they will have to grandfather existing policies, after all, they will be affecting beneficiaries who may depend on the death benefit. So in an era of government seeking revenue and taxing the so called "rich" aka business owners, permanent life insurance may be the last bastion of relief.